Alice is single and self-employed in 2019. Her net business profit on her Schedule C for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Alice is single and self-employed in 2019. Her net business profit on her Schedule C for the year is $180,000. What is her self-employment tax liability and additional Medicare tax liability for 20197 (Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero If applicable.) Self-employment tax linblity Addiional medicare tax linbility Alice is single and self-employed in 2019. Her net business profit on her Schedule C for the year is $180,000. What is her self-employment tax liability and additional Medicare tax liability for 20197 (Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero If applicable.) Self-employment tax linblity Addiional medicare tax linbility
Expert Answer:
Answer rating: 100% (QA)
For self employed FICA tax rate for 2019 is 153 on the first 132900 of net income plus 29 o... View the full answer
Related Book For
Taxation Of Individuals And Business Entities 2021
ISBN: 9781260247138
12th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
Posted Date:
Students also viewed these accounting questions
-
Alice is self-employed in 2015. Her net business profit on her Schedule C for the year is $140,000. What is her self-employment tax liability for 2015?
-
Alice is self employed in 2014. Her net business profit on her Schedule C for the year is $140,000. What is her self-employment tax liability for 2014?
-
Alice is self employed in 2016. Her net business profit on her Schedule C for the year is $140,000. What is her self-employment tax liability for 2016?
-
How are writable CDs implemented?
-
What term means managing the entire organization so that it excels on all dimensions of products and services that are important to customer?
-
The following table and accompanying computer output present data on the uric acid level found in the bloodstreams of persons with Down's syndrome and in the bloodstreams of nonDown's syndrome...
-
Decade, Inc., recorded certain capital stock transactions shown in the following journal entries: (1) issued common stock for \(\$ 25\) cash per share, (2) purchased treasury shares at \(\$ 40\) per...
-
Beck Inc. and Bryant Inc. have the following operating data: a. Compute the operating leverage for Beck Inc. and Bryant Inc. b. How much would income from operations increase for each company if the...
-
Una empresa de fabricacin de automviles est experimentando problemas de tiempo de ciclo elevado en su lnea de ensamblaje. Deciden implementar mejoras utilizando los principios de JIT (Justo a...
-
Christo Manufacturing Company incurs the following manufacturing cost items during the month of March 2022: (1.1) Assembly line wages (1.2) Raw materials used directly in products (1.3) Depreciation...
-
Homework Problem H7.B Given: A set of four forces act on the structure shown below. Find: For this problem: a) Determine the equivalent force-couple system at O. b) Determine the equivalent...
-
Linda Company is a merchandiser that sells a total of 15 products to its customers. The company provided the following information from last year: Product Unit Sales Selling Price Variable Cost per...
-
Choose a CEO of a multinational firm that they believe exemplifies the positive aspects of strategic leadership. What actions does this CEO take that demonstrate effective strategic leadership? What...
-
Big-Oh and Run Time Analysis: Describe the worst case running time of the following pseudocode functions in Big-Oh notation in terms of the variable n. 3. public static void silly(int n) { for (int i...
-
At December 31 Assets Simon Company's year-end balance sheets follow. Current Year 1 Year Ago 2 Years Ago Cash Accounts receivable, net $ 32,368 93,813 $ 38,971 68,198 $ 38,230 53,075 55,965...
-
Renewable Energy Manufacturing Ltd is a leading manufacturer of solar panels. The following data are taken from its accounting records for the financial year ending 31 December 2022: $ Sales...
-
Describe how you intend making sure the clients get what they want: What my customer wants Always follow through with what you say you are going to do How will I make sure that I give it to him/ her...
-
Cable Corporation is 60% owned by Anna and 40% owned by Jim, who are unrelated. It has noncash assets, which it sells to an unrelated purchaser for $100,000 in cash and $900,000 in installment...
-
During 2020, your clients, Mr. and Mrs. Howell, owned the following investment assets: Investment Assets Date Acquired Purchase Price Brokers Commission Paid at Time of Purchase 300 shares of IBM...
-
Javier and Anita Sanchez purchased a home on January 1, 2020 for, $600,000 by paying $200,000 down and borrowing the remaining $400,000 with a 7 percent loan secured by the home. The loan requires...
-
Paris participates in her employers nonqualified deferred compensation plan. For 2020, she is deferring 10 percent of her $320,000 annual salary. Assuming this is her only source of income and her...
-
A production function shows the relationship between a. variable inputs and fixed inputs. b. variable inputs and output. c. costs and output. d. inputs and costs. e. production and sales revenue.
-
Production in the short run a. is subject to diminishing marginal product. b. involves some fixed factors. c. can be increased by employing another unit of a variable input, as long as the marginal...
-
Diminishing marginal productivity in a frozen-pizza company means that a. hiring additional workers causes the total output of pizza to fall. b. hiring additional workers does not change the total...
Study smarter with the SolutionInn App